Property Investment Ref: PI01241
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New York Way
52 York Way, Kings Cross London N1 9AB Proposal
We are instructed to seek offers of £1,200,000 (One million two hundred thousandpounds) for our client’s freehold interest. This equates to only £324 per sq ft andreflects a net initial yield of 6.1% after full purchaser’s costs of 5.725%.SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT
Investment Summary
• Freehold Public House and residential property totalling 3,706 sq ft (344 sq m).• Let as a Public House at ground and lower ground floors with approximately 90 years remaining on the lease at a rent of £31,500 per annum.• The Upper parts are used as Residential, and have recently been refurbished to a high standard. They are let on a 2 year lease at £3,800 per month.• Located opposite King’s Cross and St Pancras International Train Stations, with links to the Midlands and the North of the UK as well as providing International services to locations such as Paris, Brussels, Lille and Bruges.• We are instructed to seek offers of £1,200,000 (One million two hundred thousand pounds), subject to contract, for our client’s freehold interest.This equates to only £324 per sq ft and reflects an initial yield of 6.1% after full purchasers costs of 5.725% Tenure
The property is held freehold Tenancies The Public House is let to Ballymore Estates Limited, trading as the Lincoln Lounge for a term of 99 years from the 17 th of October 2000, thus having approximately 90 years unexpired.The current rent for the Public House is £31,500 per annum. The first rent review was on the 19th of October 2009 when the rent was reviewed to its current level. Subsequent rent reviews are nine yearly thereafter to the higher of passing rent or open market rental value. Ballymore had net sales figures at The Lincoln Public House of £218,724 for the year 01/04/2007 to 31/03/2008. Ballymore Estates also run The Gunners Public House on Blackstock Road in Highbury, London N5. The HMO is let on a tenancy agreement for 24 months to Mr Hamdi Talib from the 15 th of September 2009 at £3,800 per month, equating to £45,600 per annum.The rent is payable monthly in advance. The Landlord holds a deposit equal to 1 months rent. The total rent per annum is therefore £77,100. VAT The property is elected for VAT.
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